Trulia released the results of its American Dream survey today, which showed that, despite the tough economy and challenged housing market we are in, home ownership is still central to the American Dream. In fact, 70 percent of American’s said home ownership is a part of achieving the American Dream.
Highlights from the report:
- More than half (57 percent) of current homeowners said owning a home is among the best long-term investments they could make, ahead of putting money in a 401K or other retirement accounts (52 percent).
- Eighty percent of current home owners said they plan to buy another home in the future which includes 69 percent of homeowners aged 55 years old or older.
- Across all age groups — even among 18-34 year olds, who have the lowest homeownership rates in the country — the majority of respondents said their American Dream includes owning a home.
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Respondents who view homeownership as part of personal American Dream
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All
Respondents 18-34 Yr Olds 35-44 Yr Olds 45-54 Yr Olds 55+ Yr Olds
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Yes 70% 65% 66% 74% 76%
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No 21% 24% 23% 18% 20%
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Don't
Know 8% 11% 11% 8% 4%
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Source: Trulia American Dream Survey
What’s keeping renters from buying a home?
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Biggest obstacle keeping renters - who wish to be homeowners now - from
buying
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Saving enough for a down payment 51%
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Qualifying for a mortgage 36%
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Having a poor credit history 34%
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Unable to pay off existing debt 31%
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Not having a stable job 29%
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Declining home values 13%
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Other 12%
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Source: Trulia American Dream Survey
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